Basic net loss per share is calculated by dividing the net loss by the weighted average number of outstanding shares of Common Stock each period. The Company’s Class A common stock and Class B common stock share equally in distributed and undistributed earnings; therefore, no allocation to participating securities or dilutive securities is performed. Diluted net loss per share is calculated by giving effect to all potential dilutive Common Stock equivalents, which includes stock options, RSUs, RSAs, PSUs, and preferred stock. Because the Company incurred net losses each period, the basic and diluted calculations are the same. The Company used the if-converted method to calculate diluted EPS. As the Company had net losses in the years ended December 31, 2024, 2023 and 2022, respectively, all potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is anti-dilutive.

The following table presents the calculation for basic and diluted net loss per share (in thousands, except share and per share data):


	Year Ended December 31,
	2024			2023			2022
Numerator:
Net loss	$	(705,809	)	$	(214,118	)	$	(289,811	)
Accretion of convertible preferred stock to redemption value		—			(4,338	)		(301	)
Dividends on Series A, B, B-1, B-2, C, D, E, F, G, G-3, and G-4 preferred shares		(39,347	)		(44,497	)		(40,975	)
Cumulative undeclared dividends on Series C preferred shares		(1,174	)		(3,011	)		(2,841	)
Net loss attributable to common stockholders	$	(746,330	)	$	(265,964	)	$	(333,928	)
Denominator:
Weighted-average common shares outstanding, basic and diluted		119,849			63,306			63,032
Net loss per share attributable to common stockholders, basic and diluted	$	(6.23	)	$	(4.20	)	$	(5.30	)

The following outstanding shares of common stock equivalents were excluded from the calculation of diluted net loss per share for each period, as the impact of including them would have been anti-dilutive. As disclosed in Note 9, the Company issued a warrant for $100 million in shares of the Company’s Class A common stock. As per the terms of the warrant, potentially dilutive shares are based on the latest equity financing price. The warrant was terminated for no consideration on December 31, 2024.


	As of December 31,
	2024		2023		2022
Stock options outstanding		—		210,000		210,000
Convertible preferred stock		—		63,525,953		62,692,927
AstraZeneca warrant		—		1,744,991		1,744,991
Mpirik holdback liability		—		8,724		—
SEngine holdback liability		—		41,436		—
Unvested RSUs		6,873,974		—		—
Allen & Company warrant		—		150,000		—
Total potentially dilutive shares		6,873,974		65,681,104		64,647,918

As disclosed in Note 11, the RSUs issued prior to the IPO include a liquidity event performance condition prior to vesting. As such, as of December 31, 2023 and 2022, these are treated as contingently issuable shares and are excluded from potentially dilutive shares as the liquidity event performance condition was not yet satisfied. As the liquidity event performance condition was satisfied upon completion of the IPO, as of December 31, 2024, these shares are included in potentially dilutive shares.

As disclosed in Note 12, contingent upon certain financing events, the Amended Note will be converted to shares at the holder’s option, based on the amount outstanding at the maturity date, which is subject to reduction based on services used by us prior to the maturity date. As such, these are treated as contingently issuable shares and will be excluded from potential dilutive impact.

As disclosed in Note 10, the Company’s Series G-3 Preferred, Series G-4 Preferred and Series G-5 Preferred contain embedded conversion features resulted in the issuance of additional shares of Class A common stock upon completion of the IPO. The number of shares issued related to these features was dependent upon the IPO price. As such, prior to the IPO, these are treated as contingently issuable shares. Subsequent to the completion of the IPO in June 2024, the additional shares of Class A common stock are included in the weighted-average common shares outstanding.